It is give error in IIs 7.0 or higher (i.e. Win7 or Win2003). It happens because there is running over Managed Pipeline Mode = Classic ( AppPool Property) but the applicaction property IIS version is setting to IIS 6 or lower.
In order to solve you could
1. Change the Managed Pipeline Mode, Application POOL property to "Integrated" or
2. Change the "IIS version" property to IIS7 and Build at least one object
3. Check if ASP.NET is properly installed. Try running the following command: %windir%\Microsoft.NET\Framework64\v4.0.30319\aspnet_regiis.exe -i